Marchant & Marchant Limited 04780323 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is continued to be that of Chartered Loss Adjusters. Digita Accounts Production Advanced 6.30.9574.0 true true 04780323 2022-06-01 2023-05-31 04780323 2023-05-31 04780323 core:CurrentFinancialInstruments 2023-05-31 04780323 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04780323 core:FurnitureFittings 2023-05-31 04780323 core:OfficeEquipment 2023-05-31 04780323 bus:SmallEntities 2022-06-01 2023-05-31 04780323 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 04780323 bus:FullAccounts 2022-06-01 2023-05-31 04780323 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 04780323 bus:RegisteredOffice 2022-06-01 2023-05-31 04780323 bus:Director1 2022-06-01 2023-05-31 04780323 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04780323 core:ComputerEquipment 2022-06-01 2023-05-31 04780323 core:FurnitureFittings 2022-06-01 2023-05-31 04780323 core:OfficeEquipment 2022-06-01 2023-05-31 04780323 countries:EnglandWales 2022-06-01 2023-05-31 04780323 2022-05-31 04780323 core:FurnitureFittings 2022-05-31 04780323 core:OfficeEquipment 2022-05-31 04780323 2021-06-01 2022-05-31 04780323 2022-05-31 04780323 core:CurrentFinancialInstruments 2022-05-31 04780323 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 04780323 core:FurnitureFittings 2022-05-31 04780323 core:OfficeEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 04780323

Marchant & Marchant Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Marchant & Marchant Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Marchant & Marchant Limited

(Registration number: 04780323)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

350

107

Current assets

 

Debtors

5

7,510

9,151

Cash at bank and in hand

 

105,133

126,680

 

112,643

135,831

Creditors: Amounts falling due within one year

6

(27,485)

(33,137)

Net current assets

 

85,158

102,694

Net assets

 

85,508

102,801

Capital and reserves

 

Called up share capital

100

100

Retained earnings

85,408

102,701

Shareholders' funds

 

85,508

102,801

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 

.........................................
R G Marchant
Director

 

Marchant & Marchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Marchant & Marchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Computers

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Marchant & Marchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Fixtures fittings and equip't
£

Computers
£

Total
£

Cost or valuation

At 1 June 2022

3,192

4,902

8,094

Additions

-

360

360

At 31 May 2023

3,192

5,262

8,454

Depreciation

At 1 June 2022

3,085

4,902

7,987

Charge for the year

27

90

117

At 31 May 2023

3,112

4,992

8,104

Carrying amount

At 31 May 2023

80

270

350

At 31 May 2022

107

-

107

5

Debtors

2023
£

2022
£

Trade debtors

7,170

8,886

Prepayments

340

265

7,510

9,151

6

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

80

114

Taxation and social security

6,176

10,826

Accruals and deferred income

2,283

2,118

Other creditors

9,573

5,212

Corporation tax

9,373

14,867

27,485

33,137